Tuesday, October 9, 2018

China Stocks down sharply

Looks like they are (to them) 'helping' by adding reserves for banks to "lend out!" and crashing the whole thing just like the US did in 2008:

The benchmark Shanghai Composite Index fell 3.7% on Monday, its biggest single-day loss since June 19. Its smaller and tech-heavy counterpart in Shenzhen fell 3.8%. The losses were broad-based, and included banks, real-estate developers and tech stocks such as ZTE Corp. that are at the forefront of the escalating U.S.-China trade spat. 
The declines came despite steps Beijing took over the weekend to free up more funds for banks to help support the economy. 
For the fourth time this year, the People’s Bank of China said it would cut the portion of reserves most commercial banks are required to hold. The latest reduction, of 1 percentage point, would release 1.2 trillion yuan ($174.72 billion) of fresh funds to lenders, the central bank said on Sunday.

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